Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

GBP/CAD broke daily down channel

GBP/CAD broke daily down channel

Next sell target - 1.6500

GBP/CAD recently broke through the support levels 1.7600 (previous sell target set in our earlier forecast for this currency pair) - and 1.7500. After breaking below 1.7500 – the pair corrected up to test this price level (acting as resistance now after it was broken by the previous sharp downward impulse wave (3)) – after which the price reversed down – starting the active intermediate impulse wave (5).

The pair today broke the support trendline of the daily down channel from January – which should accelerate the active impulse wave (3). GBP/CAD is expected to fall further to the next sell target at the support level 1.6500.